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Refund anticipation loan (RAL) is a short-term consumer loan in the United States provided by a third party against an expected tax refund for the duration it takes the tax authority to pay the refund.
A refund anticipation loan (RAL) is a tax refund loan that gives you access to your refund before it is delivered by the IRS. Instead, they choose to take out tax refund anticipation loans.
Of those, about 96% used a refund anticipation check, or RAC, the Treasury Inspector General for Tax Administration estimated in a report last week. Another 4% used a refund anticipation loan, or RAL.
A refund anticipation loan is a loan against your estimated tax return. A tax preparer will calculate what the IRS owes you and loan you a portion of that amount right away.
Refund anticipation loans are a common means to receive a tax refund early, but at the expense of high fees that can reach over 200% annual interest. [9] In the 1990s, refunds could take as long as twelve weeks to come back to the taxpayer; the average time for a refund is six weeks, [ 10 ] with refunds from electronically filed returns coming ...
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